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Financial Advice for Big Families

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Financial Advice for Big Families

When it comes to big families, there is extra love and enjoyment to go around. There also comes more money that needs to be spent. Managing finances with a larger family can be stressful and difficult depending on the expenses you have. We’re here to offer some helpful financial advice for big families, so you don’t have to feel tight on cash! 

Own Less Vehicles 

Reduce transportation costs as much as possible by limiting the number of vehicles you own. Gas, upkeep, repairs and car payments add up quickly for each vehicle. Work on scheduling carpools and staying home when possible to limit your driving. Having multiple kids in school and activities can have you driving all around, so come up with a plan that makes the most sense, so you aren’t wasting time and gas. 

Eat Out Less  

Each mouth you need to feed adds up, especially if you have multiple growing boys who seem like they never get full. Eating out and going to restaurants means you’re paying for drinks as well as the main meal and sides. Coming up with a meal plan for home, budget and grocery list to stick to will help you spend less and have a plan for food every day so there’s no need to eat out! 

Buy or Borrow Secondhand 

We’re sure you have plenty of friends and family who have toys or clothes they no longer need for their children. Don’t be afraid to ask to buy or borrow their items for a discounted price. The clothes and toys are just as good as if they were new. Plus, small children grow so fast, so you may not always want to buy something new that they may not fit a few months from now! 

Buy in Bulk 

When you do need to buy items, consider couponing and buying bulk items. Larger cans and extra boxes of non-perishable food won’t hurt anyone! You’ll go through that food before it’d expire anyways. Large stores, like Costco, will have sales on bulk items. This means you will spend a little more originally, but you’ll have extra items on hand, and it’ll be for less than what you’d spend on that amount if it wasn’t bought in bulk. 

We hope this financial advice will help you save a little extra money. Put that savings into a savings or checking account with us! We’re happy to safely store your hard-earned money. 

 

Bank of Louisiana

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